Investing in a racehorse was once reserved for the wealthy, but platforms are making it easier to invest small sums in Thoroughbreds.
Delays in the SEC registration process make it challenging to price horses that are actively racing.Elmont, N.Y.: Manuel Franco riding Tiz the Law wins first place during the Belmont Stakes at Belmont Park in Elmont, New York on June 20, 2020.Kevin Richardson grew up in West Baltimore and credits horse racing with keeping him out of trouble. He started out cleaning stalls and worked his way up to be an assistant trainer.
The offerings are regulated by the Securities and Exchange Commission, which requires investors to hold shares for at least one year. Currently, there isn't enough of a market for investors to sell these shares. Instead, the holding company is liquidated when the horse is finished and investors are paid any remaining returns."I want to make money like anybody else. But, you know, you can't come on in for that reason," he said.
Rep. Andy Barr, a Republican whose Lexington, Kentucky district is located in what's known as the "Horse Capital of the World," is pushing the SEC to make it easier for retail investors to own a stake in a racehorse. "A lot of our investors have been very desirous of being participatory in horse racing," said Behrens, who added that it's a "fun part of the game."
"These risks include holding your investment for periods of months or years with limited or no ability to resell and losing your entire investment; you must have the ability to bear a total loss of your investment without a change in your lifestyle," the MyRaceHorse.com prospectus reads.
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